Google Cloud’s Emphasis on Smart Contracts Over Tokens: Insights and Analysis
According to Google Cloud’s Web3 lead, the cryptocurrency sector is overly preoccupied with token valuations rather than researching how smart contracts might be utilized to address actual business issues.
James Tromans, head of Web3 at Google Cloud, emphasized in an interview with Cointelegraph the necessity to place greater emphasis on the business logic in the smart contract as opposed to the token’s supply and demand dynamics:
“What are the business problems that you want to get executed? When you’re running a smart contract to execute some business logic to solve your business problem, you’re using a token, but the token is not the thing; it’s the business problem that’s the thing.”
“So I would like us to get away from all this talk about tokens and token speculation as if that is Web3 — that is not Web3,” Tromans was quoted as saying.
Its Blockchain Node Engine provides customers with a self-hosted node to access blockchain data, perform transactions, create smart contracts, and operate decentralized apps. This is one of Google Cloud’s key blockchain offerings.
What are Smart Contracts Business Applications?
Blockchain technology and smart contracts, according to Tromans, can promote innovation, cut operating expenses, and create new sources of income.
Tromans stated that despite the bear market, there is still a lot of interest from businesses trying to adopt blockchain technology:
“Over the past 12 to 15 months in the traditional enterprise space, interest in leveraging blockchain technology to improve efficiency, reduce cost, and improve the speed of innovation hasn’t gone away.”
According to Tromans, the TradFi industry has generated the majority of this demand to address fundamental accounting and financial issues. However, he continued, more and more Google Cloud clients are looking to integrate blockchain-based solutions in digital identity and supply chain.
Especially after the July 24 introduction of Worldcoin, digital ID has become a hotly debated issue in the Web3 community. Sam Altman, chief executive officer of OpenAI, developed the iris biometric cryptocurrency initiative in 2019.
Keywords: Smart contract business applications, Google Cloud Blockchain Node Engine, Blockchain technology adoption trends
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